一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -1.2800 | -0.8300 | -54.22 | 0.6200 | | 每股净资产（元） | 1.57 | 2.9 | -45.86 | 5.6 | | 每股公积金(元) | 1.19 | 1.19 | 0 | 2.05 | | 每股未分配利润(元) | -0.55 | 0.70 | -178.57 | 2.25 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 22.79 | 27.78 | -17.96 | 29.65 | | 净利润(亿元) | -3.07 | -2.03 | -51.23 | 1.52 | | 净资产收益率(%) | -54.49 | -23.51 | -131.77 | 16.35 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 三、分红送配方案情况 不分配不转增 前十大流通股东累计持 ...

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [119]. Core Views - The report indicates that the market is concerned about demand due to tariff impacts, leading to a decline in refining product prices [1]. - Brent crude oil prices have shown a slight increase, with a weekly average of $65.87 per barrel, reflecting a 2.69% increase [2][13]. - Domestic refined oil prices have generally decreased, while overseas prices have seen some increases [1]. - The chemical sector is experiencing price declines due to tariff impacts, despite cost support from raw materials [1]. - The polyester sector is facing strong demand shocks from tariffs, leading to weak price performance despite some cost support from rising crude oil prices [1]. Summary by Sections Refining Sector - The Brent and WTI crude oil prices as of April 18, 2025, were $67.96 and $64.68 per barrel, respectively, both up by $3.2 from the previous week [1][13]. - Domestic refined oil prices for diesel, gasoline, and jet fuel averaged at 6995.43, 8172.14, and 6109.00 yuan per ton, respectively, with declines noted [13]. - The report highlights a slight recovery in trade tensions between the US and China, which may support oil prices [1]. Chemical Sector - The report notes that chemical prices are generally declining, with significant price drops in pure benzene and styrene [1]. - Polyethylene prices are under pressure due to supply-demand imbalances, with average prices for LDPE, LLDPE, and HDPE at 9157.14, 7202.29, and 8242.86 yuan per ton, respectively [46]. - EVA prices have seen a slight increase, averaging 11957.14 yuan per ton [46]. Polyester Sector - PX prices have increased to an average of 5292.29 yuan per ton, supported by rising crude oil prices [72]. - PTA prices have continued to decline, with an average of 4310.71 yuan per ton, reflecting a negative profit margin [85]. - The report indicates that the demand for polyester products is weak due to tariff impacts, leading to price declines [1][83]. Market Performance of Major Refining Companies - The stock performance of six major refining companies as of April 18, 2025, shows varied results, with Rongsheng Petrochemical down by 2.31% and Hengli Petrochemical up by 0.53% [106]. - Over the past month, Rongsheng Petrochemical has decreased by 8.65%, while Hengli Petrochemical has decreased by 3.43% [106].

Group 1 - The core viewpoint of the news is that Sinopec has applied for a patent for a low-viscosity liquid dicyandiamide latent curing agent and epoxy resin composition, indicating innovation in the chemical industry [1] - The patent application was filed on October 2023, with the publication number CN119842046A, showcasing the company's ongoing research and development efforts [1] - The low-viscosity liquid dicyandiamide latent curing agent is produced using dicyandiamide and aldehyde compounds, which results in a product with low viscosity and a simple preparation process [1] Group 2 - Sinopec, established in 2000, is primarily engaged in the petroleum, coal, and other fuel processing industries, with a registered capital of approximately 12.17 billion RMB [2] - The company has made investments in 270 enterprises and participated in 5,000 bidding projects, indicating a strong presence in the market [2] - Sinopec Shanghai Petrochemical Research Institute, founded in 2022, focuses on technology promotion and application services, with a registered capital of 498 million RMB [2]

内容概况：2024年柴油产量在20340.2万吨，虽然保持在较高水平，但与2023年相比，产量有所下降， 同比下降6.6%，2025年1-2月，柴油产量为3096.4万吨，同比进一步下滑。随着我国能源结构的调整， 新能源汽车的快速发展对柴油在交通运输领域的应用产生了巨大的冲击。在公路运输方面，电动卡车的 逐渐普及将减少对柴油的需求。此外，在一些城市，公共交通、环卫车辆等逐步电动化，也将进一步降 低柴油的消费量，从而导致柴油产量的逐步下降。为了应对气候变化和满足可持续发展要求，我国未来 会加大对绿色柴油（如生物柴油）的开发和生产。如果生物柴油等可再生柴油技术取得进一步突破并实 现大规模商业化生产，其产量将逐渐增加。 相关上市企业：中国石油（601857）、中国石化（600028）、上海石化（600688）、中国海油 （600938）、沈阳化工（000698）、泰山石油（000554）、中粮科技（000930）、恒基达鑫（002492） 相关企业：浙江石油化工有限公司、唐山金利海生物柴油股份有限公司 关键词：柴油行业产业链、柴油行业发展现状、柴油行业发展趋势 一、柴油行业定义及分类 柴油是轻质石油产品，复杂烃类( ...

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 4 月 11 日当周，国内重点大炼化 项目价差为 2379.29 元/吨，环比变化+63.56 元/吨（+2.74%）；国外重 点大炼化项目价差为 936.99 元/吨，环比变化-75.71 元/吨（-7.48%）。 截至 4 月 11 日当周，布伦特原油周均价为 64.15 美元/桶，环比变化- 11.85%。 ➢ 【炼油板块】近期欧佩克+八大产油国达成协议，将从 5 月起"加速增产"， 加之美国加征对等关税引发全球经济衰退担忧，从而减少能源需求，双 重打压下，国际原油价格下跌。本周特朗普宣布暂缓部分关税，国际原 油价格反弹上涨，抵消了小部分跌幅，但反弹上涨有限，国际油价本周 整体下跌。2025 年 4 月 11 日布伦特、WTI ...

以下文章来源于申万宏源宏观 ，作者赵伟 屠强等 申万宏源宏观 . 申万宏源证券研究所 | 宏观研究部 作者： 赵 伟 申万宏源证券首席经济学家 屠 强 资深高级宏观分析师 联系人： 屠强、耿佩璇 摘要 事件： 4月10日，国家统计局公布3月通胀数据，CPI同比-0.1%、前值-0.7%、预期-0.1%、环比-0.4%； PPI同比-2.5%、前值-2.2%、预期-2.2%、环比-0.4%。 核心观点：家电CPI环比创新高，或与价格采样的样本相关，但同时反映商品需求改善 3月PPI表现仍较弱，油煤等大宗价格下行构成拖累，同时中下游产能利用率偏低格局仍在延续。 3月PPI 环比-0.4%。从影响因素看，前期国际油价下行令国内油价回落(环比-6%)，石油开采(-4.4%)、石油加工 PPI(-2.3%)环比均为负；天气转暖令煤炭需求回落，煤炭价格环比降幅较大(-7.9%)，测算油、煤价格拖累 PPI环比-0.5%。而铜价持续上涨，测算铜价支撑PPI环比0.1%。同时中下游产能利用偏低，压制PPI恢 复。 核心商品PPI偏弱背景下，家电CPI环比创十年新高，或与商品CPI改善，价格采样向"以旧换新"商品倾 斜有关。 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Last week, due to low refinery operations and increased shipments, asphalt factory inventory dropped to a low level for the same period, and the fundamentals improved slightly. However, actual demand remained weak, and asphalt only followed crude oil price fluctuations [8]. - This week, asphalt started with a daily limit down and then fluctuated widely, generally following the cost - end crude oil. The refinery operating rate increased slightly, shipments declined significantly, and factory and social inventories increased slightly, with absolute levels lower than in previous years [8]. - Since the tariff policy is unstable, crude oil may still fluctuate in the short term. It is expected that asphalt will mainly follow the cost - end, but as the most intensive period of counter - measures and policy adjustments has passed, volatility is expected to gradually decline. Actual demand for asphalt remains weak, but good weather in the north is conducive to seasonal demand recovery and is not expected to impact the market in the short term [8]. Group 3: Summary by Directory 01 Weekly Viewpoint - **Last Week's Main Viewpoint**: Low refinery operations and increased shipments led to a decline in asphalt factory inventory to a low level for the same period, with slightly improved fundamentals. Actual demand was weak, and asphalt followed crude oil price fluctuations. The US tariff policy might cause oil price fluctuations [8]. - **This Week's Trend Analysis**: Asphalt started with a daily limit down and then fluctuated widely, following the cost - end crude oil [8]. - **This Week's Industry Data**: The refinery operating rate increased slightly, shipments declined significantly, and factory and social inventories increased slightly, with absolute levels lower than in previous years [8]. - **This Week's Main Viewpoint**: Crude oil may still fluctuate in the short term due to unstable tariff policies. Asphalt is expected to follow the cost - end, and volatility may gradually decline. Actual demand is weak, but northern weather is favorable for demand recovery and won't impact the market in the short term [8]. 02 Data Overview - **2.1 Asphalt Futures Trends, Monthly Spreads, and Basis**: The data shows historical trends of asphalt futures prices, monthly spreads (e.g., BU2506 - BU2509), and basis in East China and Shandong regions [10][11]. - **2.2 Asphalt Supply**: It presents data on asphalt plant operating rates, weekly production, refinery asphalt profits, and the profit difference between asphalt and fuel oil multiplied by the asphalt operating rate over multiple years [13][14]. - **2.3 Asphalt Demand**: The data includes asphalt shipments, apparent consumption, paver sales, and the product of paver sales and apparent consumption [16][17]. - **2.4 Asphalt Imports and Exports**: It shows historical data on asphalt imports, exports, and import windows in East China and South China, as well as the price differences between imported and domestic mainstream prices [19][20]. - **2.5 Asphalt Inventory**: The data covers factory inventory, social inventory, futures inventory, and monthly futures delivery volume [22][23]. - **2.6 Shandong Asphalt Supply, Demand, and Inventory**: It presents data on Shandong's asphalt operating rate, shipments, factory inventory, and social inventory over multiple years [25][26]. - **2.7 East China Asphalt Supply, Demand, and Inventory**: It shows data on East China's asphalt operating rate, shipments, factory inventory, and social inventory over multiple years [28][29]. - **2.8 South China Asphalt Supply, Demand, and Inventory**: It presents data on South China's asphalt operating rate, shipments, factory inventory, and social inventory over multiple years [31][32]. - **2.9 Refinery Maintenance Schedule**: Multiple refineries are undergoing or have undergone maintenance. The total maintenance capacity is 2041 million tons per year, and the maintenance loss is 836,000 tons [34].

Investment Rating - The report does not explicitly state an investment rating for the oil processing industry Core Insights - The report highlights a downward adjustment in the 2025 crude oil inventory forecast by EIA, indicating a more cautious outlook on supply and demand dynamics in the oil market [1][20] Summary by Sections Crude Oil Price Overview - As of April 9, 2025, Brent crude, WTI, Russian ESPO, and Russian Urals prices were $65.48, $62.35, $56.53, and $65.49 per barrel respectively, with month-to-date changes of -5.48% for Brent and -5.57% for WTI [7][8] Crude Oil Inventory - As of April 4, 2025, total U.S. crude oil inventory was 83,905.5 million barrels, with a month-on-month increase of 824.4 million barrels [14][19] - IEA, EIA, and OPEC predict global crude oil inventory changes for 2025 to be +57.52, +3.11, and -138.23 thousand barrels per day respectively, with an average forecast change of -25.87 thousand barrels per day [20] Crude Oil Supply - The 2025 global crude oil supply forecasts by IEA, EIA, and OPEC are 10,448.69, 10,416.72, and 10,381.77 million barrels per day respectively, reflecting increases from 2024 [26] - For Q1 2025, the predicted year-on-year supply increments are +150.86, +120.55, and +144.82 thousand barrels per day from IEA, EIA, and OPEC respectively [26] Crude Oil Demand - The 2025 global crude oil demand forecasts by IEA, EIA, and OPEC are 10,391.17, 10,413.61, and 10,520.00 million barrels per day respectively, with year-on-year increases from 2024 [20] - For Q1 2025, the predicted year-on-year demand increments are +123.54, +188.93, and +144.24 thousand barrels per day from IEA, EIA, and OPEC respectively [20] Related Listed Companies - The report mentions several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1][2]

Financial Data and Indicators - Basic earnings per share decreased by 50% from 0.34 to 0.17 yuan [1] - Operating revenue increased by 24.65% from 30.67 billion to 38.23 billion yuan [1] - Net profit decreased by 37.62% from 1.01 billion to 0.63 billion yuan [1] - Return on equity dropped by 69.08% from 9.67% to 2.99% [1] - Net asset per share increased by 3.01% from 5.65 to 5.82 yuan [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 16,645 million shares, accounting for 47.73% of circulating shares, with a decrease of 899.17 million shares compared to the previous period [2] - China Petroleum & Chemical Corporation holds 7,018.85 million shares, representing 20.12% of total shares, unchanged from the previous period [2] - Hunan Changlian Xinchang Enterprise Service Co., Ltd. decreased its holdings by 28 million shares to 2,884.10 million shares, representing 8.27% [2] Dividend Distribution - The company plans to distribute a dividend of 1 yuan per share (including tax) [3]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report emphasizes that the essence of the current oil price cycle is supply-side dynamics, with some oil-producing countries shifting from a market share competition strategy to a price support strategy due to production capacity constraints [9][8] - The report highlights that the U.S. oil extraction faces dual pressures of resource degradation and cost inflation, while OPEC+ maintains a strong willingness and capability to sustain high oil prices, indicating that there is still support at the bottom for oil prices [9][8] Oil Price Review - As of March 28, 2025, Brent and WTI oil prices were $72.76 and $69.36 per barrel, respectively, reflecting increases of 1.61% and 1.58% from the previous week [25][7] - The report notes that the market is weighing the impact of U.S. sanctions on Venezuela and the geopolitical tensions from the Russia-Ukraine conflict on supply [7][25] Oil Supply - As of March 21, 2025, U.S. crude oil production was 13.574 million barrels per day, an increase of 0.1 thousand barrels per day from the previous week [45] - The number of active drilling rigs in the U.S. decreased by 2 to 484 as of March 28, 2025 [45] Oil Demand - U.S. refinery crude oil processing volume was 15.750 million barrels per day as of March 21, 2025, an increase of 87 thousand barrels per day from the previous week [55] - The U.S. refinery utilization rate was 87.00%, up 0.1 percentage points from the previous week [55] Oil Inventory - As of March 21, 2025, total U.S. crude oil inventory was 830 million barrels, a decrease of 3.055 million barrels (-0.37%) from the previous week [64] - The commercial crude oil inventory was 434 million barrels, down 3.341 million barrels (-0.76%) from the previous week [64] Offshore Drilling Services - As of March 24, 2025, the number of global offshore self-elevating drilling platforms was 378, a decrease of 2 from the previous week [30] - The number of global floating drilling platforms was 140, also down by 1 from the previous week [30] Related Companies - Key companies mentioned include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [2]